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Winning by Losing: Evidence on Overbidding in Mergers

Malmendier, Ulrike; Moretti, Enrico; Peters, Florian - Tinbergen Institute - 2011

an informative estimate of the causal effect of mergers in our sample. Existing measures of long-run abnormal returns …

Persistent link: https://www.econbiz.de/10009209848

The Political Economy of Dominant Investors

Perotti, Enrico C.; Thadden, Ernst-Ludwig von - Tinbergen Institute - 2004

We allow the preference of a political majority to determine both the corporate governance structure and the division of profits between human and financial capital. In a democratic society where financial wealth is concentrated, a political majority may prefer to restrain governance by...

Persistent link: https://www.econbiz.de/10005137317

Collusion through Joint R&D: An Empirical Assessment

Duso, Tomaso; Roeller, Lars-Hendrik; Seldeslachts, Jo - Tinbergen Institute - 2010

This paper tests whether upstream R&D cooperation leads to downstream collusion. We consider an oligopolistic setting where firms enter in research joint ventures (RJVs) to lower production costs or coordinate on collusion in the product market. We show that a sufficient condition for...

Persistent link: https://www.econbiz.de/10008692325

Unionization Structure, Licensing and Innovation

Mukherjee, Arijit; Pennings, Enrico - Tinbergen Institute - 2005

, We show that, in presence of licensing, the incentive for innovation may also be stronger under decentralized unions …

Persistent link: https://www.econbiz.de/10005137228

What is the Value of Entrepreneurship? A Review of Recent Research

Praag, C. Mirjam van; Versloot, Peter H. - Tinbergen Institute - 2007

answer the question: What is the contribution of entrepreneurs to (i) employment generation and dynamics, (ii) innovation …

Persistent link: https://www.econbiz.de/10005137206

Defining European Wholesale Electricity Markets: An “And/Or” Approach

Dijkgraaf, Elbert; Janssen, Maarten C.W. - Tinbergen Institute - 2009

An important question in the dynamic European wholesale markets for electricity is whether to define the geographical market at the level of an individual member state or more broadly. We show that if we currently take the traditional approach by considering for each member state whether there...

Persistent link: https://www.econbiz.de/10008531429

Quantifying the Scope for Efficiency Defense in Merger Control: The Werden-Froeb-Index

Goppelsroeder, Marie; Schinkel, Maarten Pieter; … - Tinbergen Institute - 2006

mergers. The index measures the weighted average reduction in marginal costs required to restore pre-merger equilibrium prices … such as the Hirschmann-Herfindahl Index in the assessment of horizontal mergers. …

Persistent link: https://www.econbiz.de/10005137169

Search Costs, Demand-Side Economies and the Incentives to merge under Bertrand Competition

Moraga-Gonzalez, Jose L.; Petrikaite, Vaiva - Tinbergen Institute - 2012

This paper studies the incentives to merge in a Bertrand competition model where firms sell differentiated

Persistent link: https://www.econbiz.de/10009650210

On Mergers in Consumer Search Markets

Janssen, Maarten C.W.; Moraga-González, José Luis - Tinbergen Institute - 2007

We study mergers in a market where <I>N</I> firms sell a homogeneous good and consumers search sequentially to discover … prices. The main motivation for such an analysis is that mergers generally affect market prices and thereby, in a search … firms to merge and the welfare implications of mergers. When search costs are relatively small, mergers turn out not to be …

Persistent link: https://www.econbiz.de/10005136862

Importance of E-services for Cultural Tourism

Leeuwen, Eveline van; Nijkamp, Peter - Tinbergen Institute - 2011

Despite a busy lifestyle – or perhaps as a result of a stressful lifestyle – more people than ever before make leisure trips, sometimes for a long time but in many cases just for short periods. Modern telecommunication technology brings attractive tourist destinations directly into the...

Persistent link: https://www.econbiz.de/10009201136